The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.

The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.

NEW YORK—The Federal Reserve Bank of New York announced today that Dino Kos has decided
to leave the New York Fed to pursue interests outside the Bank. He will step
down from his position as head of the Bank’s Markets Group effective January
1, 2007. Mr. Kos will continue to run the Group through the end of the year,
and then will serve as special adviser to the president and assist in the transition
to his successor until he leaves the Bank sometime in the spring.

Timothy F. Geithner, president and chief executive officer, said, “In
his 21 years at the New York Fed, Dino has served with great distinction. He
has provided critical leadership to the Bank as a member of the Management Committee
and to the FOMC as Manager of the System Open Market Account since his appointment
in May 2001. He played an important role in the aftermath of the attacks of
September 11, 2001, to guarantee the smooth operations of domestic financial
markets; developed a modern automation infrastructure for the open market operations;
led the creation of a more robust analytical regime in support of the Bank’s
essential role in the conduct of monetary policy; and provided critical leadership
in services to foreign central banks preserving our international relationships.
Dino has been an indispensable adviser to the FOMC on the domestic financial
markets and the implementation of monetary policy.”

The New York Fed has conducted a search for a successor and expects to announce
that appointment in the coming weeks, following approval by the Federal Open
Market Committee of the Federal Reserve and the Bank’s board of directors.